In The Garden State, New Jerseyans are fortunate with the beauty that their state has to offer. There is so much to see and explore, from the fun of Atlantic City and the Boardwalk, down to Cape May, and back up to High Point State Park.
However, most people do not think about who will pay for their final arrangements once they are gone. This can be a significant cost for family members to take on when grieving.
Fortunately, this is where burial insurance for seniors can help.
10 Key Questions About New Jersey Final Expense Insurance
1. What is New Jersey Funeral Insurance?
Final expense insurance is a type of whole life coverage, meaning that it will have three main features. This coverage is also referred to as burial and funeral insurance.
Coverage Never Decreases: Your coverage amount will never go down, giving your beneficiary the full payout amount they are entitled to.
Price Never Increases: This is so important for seniors who are on a fixed income. You will be assured of having the same price after 30 years of the policy as year 1.
Builds Cash Value: For every payment made, a portion goes into the cash value. This will allow you to borrow against the policy if you need funds to pay for something urgent.
2. What Can the Burial Insurance Payout be Used for in New Jersey?
There are no specific rules or guidelines on how the beneficiary needs to spend the money. However, here is a list of the items that this tax-free payment is typically used for.
- Memorial/Celebration of Life
- Credit Cards
- Charity Donations
- Leaving an Inheritance
- Medical Bills
- Remaining Balance on a Mortgage
- Post-Mortem Expenses
- Remaining Car Loan Balances
- Legal Expenses
- Other Final Expenses
3. What is the Oldest Age Someone can Receive Final Expense Coverage in New Jersey?
The standard age that insurance companies will provide initial coverage until is 80 or 85 years old. Although some carriers will only offer initial coverage up to the age of 75, some will provide coverage until 90.
4. What Does a Waiting Period Mean in New Jersey Burial Insurance?
A waiting period is a restriction that a carrier places on high-risk policyholders before paying out the coverage amount. If the insured were to pass away before the waiting period ends, the beneficiary would receive a predetermined partial payout.
For New Jersey funeral insurance, the waiting period is typically two years from the policy issue date and is stated during the application process.
5. How Does Someone Qualify for First-Day Coverage in New Jersey?
The best way to find funeral insurance with no waiting period is to speak with an independent agent who represents multiple carriers. Working with someone with a wide range of coverage options gives you the choices when finding coverage.
6. Is New Jersey Final Expense Insurance Worth the Price?
Final expense insurance is designed for seniors to be able to make an easy and affordable monthly payment. In return, they are provided with peace of mind knowing that the policy will cover their end-of-life expenses after they pass.
7. Can I Purchase a Policy for a Family Member Who Live in New Jersey?
Yes, you can purchase a burial insurance plan for parents, grandparents, or other loved ones with an insurable interest. However, there are a few things to note.
Your family member will need to be involved in the application process by signing their name and being mentally healthy enough to understand the life insurance contract.
8. How Can I Qualify for New Jersey Final Expense Insurance?
The simplest way to qualify is to contact an independent agency like Willamette Life. Avoid any direct mail promotions from AARP, Colonial Penn, or other big brand name insurance companies. This is typically the worst way to purchase life insurance due to higher costs and unfavorable plan structure.
Also, stay away from”state-regulated life insurance programs.” This is a way for insurance agents to cleverly get your contact information. This will commonly lead to agents calling your phone or even showing up on your doorstep.
9. What Is The Best Burial Insurance For New Jerseyans?
There are several top funeral insurance companies, each with different underwriting standards. Since the underwriting standards for health vary, the best company for you will heavily depend on your pre-existing conditions. Work with an insurance expert with access to multiple highly-rated carriers to get the best policy to meet your needs.
10. How do I Get a Quote for New Jersey Funeral Insurance?
The fastest way to receive a quote is by using our quote tool on this page.
For a detailed and personalized quote, contact us directly. We will show you the exact plan that is right for your medical history and budget.
Call Willamette Life at 844-576-0019
What Is The Average Cost For A Funeral In New Jersey?
Funeral costs range over various price points and depend on many factors, including geographical location and service type.
The average traditional burial service in New Jersey is $8,009.
The average traditional cremation service in NJ is $6,448.
Not included in the price estimates:
- Cost of Headstone, Monument, or Marker
- Cemetery Property, Plot of Land, Columbarium, etc.
New Jerseyan’s Lifespan Statistics
The average age at death in the state is 78 for males and 83 for females.
This is longer than the national average life span of 76.3 for men and 81.4 for females.
Causes of Death in New Jersey
Listed below are the top 10 leading causes of death in the state.
- Heart Disease
- Chronic Lower Respiratory Disease
- Alzheimer’s Disease
- Kidney Disease
Everyone knows a friend, family member, or loved one affected by one of these conditions.
You can take the steps today to learn about the product that makes funding your final expenses simple and easy for family members left behind.
Final Thoughts About New Jersey Burial Insurance
a. When looking into New Jersey final expense insurance, you have many options to choose from.
b. Always speak with an independent agent who can check and compare multiple company’s prices against each other. Let your agent do the shopping for you.
I’m the owner and founder of Willamette Life Insurance. Willamette Life specializes in Final Expense Insurance. We compare prices with different insurance carriers while finding the perfect match for your health and budget. This company was started to help educate the public on why Final Expense Insurance could be a great option for them and their family. We strive to be friendly, informative, and always have the client’s best interest as our top priority. Everything in this article is my own professional opinion and experiences I have had during my time in helping clients.